PTCL’s revenue grows by 11 percent in first quarter

ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced group’s revenue growth by 11 percent for first quarter ended March 2019.

The financial results announced at the Board of Directors’ meeting held in Islamabad on April 17, 2019.

PTCL Group’s revenue for the quarter has grown YoY by 11 percent to Rs.33.5 billion as a result of an accelerated growth in the Ufone and Ubank revenues.

Ufone revenue has increased double digits YoY, UBank, a microfinance banking subsidiary of PTCL, has shown significant growth of 53 percent in its quarterly revenue over last year.

PTCL Group’s operating profit and net profit for the quarter have improved by 34 percent and 95 percent respectively as a result of the revenue growth.

PTCL revenue of Rs.17.9 billion for the quarter is slightly lower than last year.

PTCL’s flagship Fixed Broadband services posted revenue growth of 5.8 percent over last year.

PTCL continues its journey to upgrade top 100 exchanges under Network Transformation Project (NTP) in different parts of Pakistan.

For the 76 exchanges fully transformed to date in 12 cities YoY revenue growth is even higher at 12 percent and there is 40 percent reduction in customer complaints.

Corporate business continued its growth momentum from a strong 2018 and has achieved a double digit growth YoY. Growth drivers for corporate business are Cloud Infrastructure, IT, Security and Managed Services projects.

Wireless revenue for the quarter has declined on year-on-year basis due to strong competition by the cellular companies providing wireless data services.

There is continued decline in domestic and international voice revenues due to illegal/grey traffic termination, continued conversion of subscribers to OTT and cellular services resulting in declining voice traffic volumes.

PTCL posted a Net Profit after Tax which is 10 percent higher than last year.

Operating profit for the quarter remained under pressure compared to last year mainly due to increase in operating cost on account of significant hike in power tariffs.

However, non-operating income has increased due to higher income on investments as a result of significant increase in benchmark interest rates by the State Bank of Pakistan.

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